College Savings Plans Network Celebrates 529 Day

Washington, DC, May 22, 2024 (GLOBE NEWSWIRE) -- To commemorate national 529 Day, college savings programs across the country are using unique ways to raise awareness about the importance of saving for college. Leading these initiatives are members of the College Savings Plans Network (CSPN), a network of the National Association of State Treasurers (NAST), the leading objective source of information about Section 529 college savings plans and prepaid tuition plans. 

Over the last 30 years, CSPN has tracked data which shows that American families are taking advantage of these tax-advantaged savings accounts. As of December 31, 2023, national savings in 529 savings plans surpassed $471.1 billion. A recent compilation of national data can be found here. The encouraging upward trend is a promising step towards combatting student debt, which currently amounts to almost $1.74 trillion in the United States.

“May 29 - or 529 Day - comes at a time of year when families are thinking about education, with graduations of all kinds and decision dates for colleges,” said Mary Morris, Chair of CSPN and CEO of Virginia 529, “so it is a good time to remind families to start saving in a 529 account or contribute to an existing account.”

As part of the National Association of State Treasurers Foundation’s (NASTF) partnership with Enrich, a learning module has been released on the Enrich digital financial wellness platform to educate users on the benefits of investing in a college savings plan. 
Below is a sampling of the efforts happening nationally to encourage more Americans to save for education needs in a 529 plan in celebration of 529 Day: 

• Alabama: Alabama’s CollegeCounts 529 Plan will once again be holding our 529 Baby Day Giveaway! This is our 10th year of awarding 29 $529 contributions to newborn babies in Alabama that were born between 5/29/2023 and 5/29/2024.
• Alaska: Alaska 529 will hold a social media contest on Facebook and Instagram, asking participants to ‘spell out’ 529 in everyday objects, post a photo of their 5-2-9 to either Facebook or Instagram and tag us! We will randomly draw one Alaska 529 $1,529 scholarship winner on Facebook Live. We will also be promoting the T. Rowe Price ‘529 Day and Saving for College’ Webinar.
• California: California’s ScholarShare 529 is celebrating National 529 College Savings Day with a $50 Match for families who open a new ScholarShare 529 account between May 20 and May 31, 2024, with $50 or more and set up recurring contributions of $50 or more per month for six consecutive months. This campaign is being supported through media relations, online advertising, direct mail, educational webinars, and social media. Complete Offer Terms & Conditions are available at www.scholarshare529.com/529offer24.
• Capital Group: The Capital Group will host a various internal events to build awareness of 529s and the new rollover to Roth provision; Associates to wear their college gear on May 29th; 529 themed food items and events to celebrate 529 day; Hosting Webinar (for CG associates) on the importance of 529s, which will be facilitated by one of our wholesaler; Publishing a new 529 article on our advisor website to help advisors understand how selling 529s can benefit them and help build their practice.
• Colorado: Colorado’s CollegeInvest Smart Choice 529 Plan provider, FirstBank, is celebrating 529 Day by giving away $2,500 for College for Two Winners! FirstBank will randomly select one winner from Colorado and one winner from Arizona to receive a Grand Prize of $2,500. To enter, eligible participants must deposit $1.00 or more into either a new or existing Smart Choice 529 account between May 1 – May 31, 2024. A winner will be randomly selected from all eligible entries in June. Visit efirstbank.com/csapromo for more details and Official Rules.
• Delaware: Delaware will help promote Fidelity’s National 529 Day webinar on the latest 529 savings strategies for your child’s education. May 29th will also be recognized by Delaware’s General Assembly through a proclamation as “DE529 Education Savings” Day. DE529 will be sharing content on savings through social media during the month of May to help building awareness around 529 plans and DE529 “First State, First Steps” Incentive program.
• Fidelity Investments: Fidelity Investments is hosting a special webinar to celebrate National 529 Day. The latest 529 savings strategies for your child’s education. Get the latest strategies to help you reach your savings goals.
• Florida: Florida residents that enroll in a new Florida 529 Savings Plan by June 23, 2024, will receive a $50 account contribution to kick-start their savings journey. Learn more today at myfloridaprepaid.com. 
• Gift of College: Gift of College is offering special employer and employee 529 college savings incentives during the month of May.
• Iowa: College Savings Iowa is celebrating with a $1,000 College Savings Iowa account contribution giveaway to a new or existing account. Any Iowa resident can visit Iowa529Contest.com to enter by May 31, 2024. Additionally, the Treasurer’s Office will post information regarding benefits of 529 accounts and information about College Savings Iowa on Treasurer Smith’s social media platforms throughout May and is requesting Iowa’s Governor issue a proclamation declaring May 29 as 529 Day in Iowa.
• Kansas: The Kansas Learning Quest 529 is celebrating 5/29 Day by contributing $50 to any Kansas resident (or a resident of another state who opens an account for a Kansas beneficiary) who opens a new Learning Quest account between May 29 and June 5. We will be promoting the giveaway through both paid and organic social media.
• Louisiana: The Louisiana Office of Student Financial Assistance (LOSFA) will celebrate 529 Day with a $529 giveaway. Louisiana residents who make a minimum deposit of $29 into a Louisiana 529 Saving Plan account between May 1 and May 29 will be entered into a drawing to receive $529 deposited into their START, START K12, or LA ABLE account. New account holders must open an account and deposit $29 between May 1 and May 29 to be eligible for the drawing.
• Maine: To celebrate 529 day, the Finance Authority of Maine will be hosting one-on-one appointments (in-person or virtually) for anyone looking for assistance with a NextGen 529 account. If a person opens an account that day, FAME will add a $25 grant to the account.  FAME also has a spring media campaign during the month of May highlighting customer’s saving stories.
• Maryland: Maryland residents may be eligible to receive up to $500 in a Maryland College Investment Plan Account through the Save4College State Contribution Program. It’s easy to apply with the online application. Be sure to open a Maryland College Investment Plan Account and submit your application by 11:59 p.m. on May 31st.
• Massachusetts: The Massachusetts Educational Financing Authority (MEFA) will celebrate “529 Day” throughout the month of May with expanded savings content across MEFA’s communications platforms. MEFA will host a College Savings Webinar for families on May 28th at 12pm, a College Savings Webinar for Counselors on May 29th at 8:30am, and an Attainable Savings Plan webinar on Thursday, May 23 at 12:00pm and publish a new podcast episode published on 5/28 with guest Cory Latham from Fidelity Investments to on the topic of Investing 101. MEFA will also host a day-long Q&A in Instagram Stories about saving for college, 529s, and BabySteps on May 29th, encouraging followers to engage on Instagram and answering them in real time.
• Michigan: The Michigan Education Trust will be offering a $50 Bonus for Pay-As-You-Go contracts that set up new recurring ACH payments through MET of at least $100/month for June-September. Bonus is available for new contracts as well as existing contracts. New contracts opened May 1-31 can also use coupon code 529DAY to waive the $25 online enrollment fee. If you open a Michigan Education Savings Plan account between 5/22/24 and 5/31/24 and get up to a $100 bonus. See website for Terms and Conditions.
• Nebraska: The Nebraska 529 mascot, Nester, and the NEST Team will be at the Lincoln Saltdogs baseball game on 5/29 promoting NEST 529. We will also be kicking off the promotion of our Community Events scheduled for June and July. Along with our 529 Day Proclamation, we are sending emails and social media communications to celebrate National 5/29 Day.
• Nevada: The Nevada Treasury is partnering with Las Vegas Discovery Children’s Museum to provide a day of fun and learning for the family. We are offering free admission for the first 100 kids attending that day, and there will be 5 stations throughout the museum for families to visit and talk with NV Treasury staff and 529 providers. Kids will fill their piggy bank passports and earn prizes while learning about the importance of college and saving for the future. Museum attendees can draw a picture of what they want to be when they grow up and be entered into a raffle to win a $529 contribution into a Future Path 529 account!
• New Jersey: Celebrate 529 Day with New Jersey’s NJBEST and Franklin Templeton 529 College Savings Plans! During the month of May, the New Jersey 529 plans will have digital advertisements across NJ, informative articles, social media posts, and host broker dealer webinars to promote the importance of saving for education and benefits of using a 529. For NJ residents, we will highlight additional state benefits available year-round including the tax deduction, matching grant program and scholarship opportunity. For eligibility requirements and more information, visit: njbest.com/benefits
• New Mexico: In celebration of 529 Day, the New Mexico The Education Plan® has created educational content that will be shared on social media and The Education Plan website, including a 529 Day video “Top Questions About 529 Plans” and an article “5 Ways to Save on 529 Day”. Also, in celebration of 529 Day, The Education Plan, in partnership with New Mexico Community Trust, will be announcing the winners of the second annual Saving for Success Award which is a college savings award program with a mission to make higher education more affordable and accessible through financial literacy education and encouragement, especially to students in New Mexico who have financial need. 25 eligible students selected for the award will receive $1,000 invested in a 529 account with The Education Plan.
• Ohio: To celebrate 529 Day, Ohio’s 529 Plan currently has the following events and activities planned: • 529 Day 2024 – Top Trends in 529 & ABLE Webinar with Paul Curley, Director of 529 & ABLE Research at ISS MI, and Trisha Good, Executive Director of Ohio’s 529 Plan, CollegeAdvantage • Toledo Mud Hens Education Day, 9 to 11 am at Hensville Park, 1st Pitch 11:05 am at Fifth Third Field • Fifth Third Bank Financial Empowerment Mobile eBus with Ohio’s 529 Plan, 12 to 5 pm Santa Maria Community Center, Cincinnati • Cincinnati Reds-Ohio 529 2024 College Savings Grand Slam $10,000 Sweepstakes goes live. • Cleveland Guardians-Ohio 529 2024 College Savings Home Run $10,000 Sweepstakes goes live. • Toledo Mud Hens-Ohio 529 2024 Home Run Readers $2,500 Sweepstakes goes live. • Cleveland Browns-Ohio 529 2024 Training Camp Kickoff $5,000 Sweepstakes ends June 3, 2024. • BlackRock Employees 529 Day College Stories on LinkedIn. To learn more about these activities and latest updates from Ohio visit the 529 Explorer!
• Pennsylvania: The PA 529 College and Career Savings Program is celebrating 529 Day with a promotion for new and current PA 529 Guaranteed Savings Plan (GSP) accounts owners with awards totaling more than $30,000!New PA 529 GSP accounts opened between May 1 and May 31 will be eligible for one of two top awards of $5,529 or one of six regional awards of $2,529. *New for 2024* – Current PA 529 GSP accounts will be eligible for one top award of $5,529. To be eligible, the existing PA 529 GSP account must have had a balance of at least $10 as of April 30, 2024, and receive a contribution of at least $10 between May 1 and May 31, 2024. Conditions apply. Read the official rules for additional details. Awards are not available for new PA 529 Investment Plan (IP) accounts.
• CollegeWell: CollegeWell – Sponsor of Private College 529 Plan is partnering with Road2College to give families a chance to win prepaid tuition through The $2K Parent Promise Giveaway. Families have until June 10, 2024, to enter to win $2,000 deposited in a Private College 529 account. And on 5/29 at 8:30 pm ET, the experts at Road2College and CollegeWell will co-host 529 Plans: Maximizing Savings From Birth Through the Teen Years. Register today to learn savings strategies for children of all ages.
• South Carolina: South Carolina’s Future Scholar is celebrating 529 Day with its annual PalmettoBaby grant program. All babies born in South Carolina on 5/29/2024 are eligible to receive a privately funded $529 contribution when their parents open a new Future Scholar account. The deadline to apply for the 2024 PalmettoBaby Grant Program is 9/3/2024. More information is available at https://futurescholar.com/news-events/palmettobaby/
• Texas: Texas will publish a 529 Day article in Comptroller’s Fiscal Notes publication distributed to an estimated 45,000 individuals; GovDelivery message to 20 Educational Service Center regions GovDelivery message to 270 new outreach contacts; Press release to an estimated 19,000 general market media outlets, including an estimated 7,500 Spanish market media outlets; Email to approximately 100,000 current Texas prepaid tuition and college savings plans’ account owners; GovDelivery message to an estimated 52,600 agency subscribers; Letter to 250 financial advisors with Lone-Star 529 Plan battery charger; Highlighted in program newsletter distributed to an estimated 52,600 individuals
• Utah: Utah residents may be eligible for up to a $40 match if they open a my529 account for a beneficiary who is new to my529 between May 1 and 31, 2024. To qualify, contribute at least $25 at opening, and set up scheduled monthly contributions for at least six consecutive months. More details at my529.org.
• Washington: For the third year, WA529 is conducting its “What’s Your Dream Job?” Art Contest during April and May. The entry period closed May 1 and winners will be announced on 529 Day! We received permission from our governing Committee to award pre-seeded 529 accounts as prizes, as many other states have done. 26 winners (two per grade level K-12) will win $529 deposited into a GET or DreamAhead account.
• West Virginia: West Virginia will hold a “Fund the Future” Contest: Win $15,000 toward your child’s future! Make college dreams a reality! Parents, enter your child, age 17 or younger, in the Fund the Future Sweepstakes! SMART529, West Virginia’s Education Savings Solution, will award $15,000 in college savings invested in a SMART529 account. Don’t delay! The deadline to enter is May 22, 2024. SMART529 is a program of the West Virginia State Treasurer’s Office.
• Wisconsin: Wisconsin’s Edvest 529 College Savings Plan is offering families a special new incentive to jumpstart their college savings journey with a match deposit incentive as part of their summer savings campaign. Individuals who open a new Edvest 529 account between Monday, May 20, and Friday, May 31, 2024, will be eligible for a $50 or $100 bonus deposit incentive. For a $50 bonus – an account must be opened during the offer time with a deposit of $250 or more and recurring contributions totaling $50 or more per month until 11/30/24. For a $100 bonus – an account must be opened during the offer time with a deposit of $500 or more and recurring contributions totaling $50 or more per month until 11/30/24. The plan will be hosting an educational webinar on Wednesday, May 22, 2024, at 6 p.m. CT. to promote the offer and the plan – Register Here: https://www.edvest.com/events/webinar-052224/ Details about the incentive (including terms and condition) can be found at Edvest.com/summer24.
• Virginia: Virginia529 is hosting a testimonial contest through the end of May where customers can share stories of how Virginia529 has helped their family save for higher education. 25 winners will be selected to receive a $1,000 contribution to their account. Additionally, on May 29th they will offer a bonus $25 to all new accounts opened that use a special promo code found on the website. Webinars will highlight the benefit of an Invest529 account throughout the month. Learn more at www.virginia529.com. 
• Voya IM: Leading up to National 529 Day, Voya IM is hosting a series of webinars for advisors titled “Maximizing the Value of 529 Plans” which cover where and how to use 529s to cover education costs, how to choose the right 529 plan, Secure 2.0 and Roth rollovers.”

For more information about the College Savings Plans Network, visit collegesavings.org. 

Catherine Seat
College Savings Plans Network
catherine@statetreasurers.org

05/22/2024 14:40 -0400

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